ENVALITH
株式会社マキヤ logo

MAKIYA CO., LTD.

9890・Standard Market・Retail Trade

Official website
株式会社マキヤ logo
MAKIYA CO., LTD.9890

Business

Makiya Co., Ltd. is a retail group headquartered in Fuji City, Shizuoka Prefecture, founded in 1895. It operates multiple retail formats centered on Shizuoka, Kanagawa, Yamanashi, and Mie prefectures, including the general discount store "Espot" (21 stores), the supermarket chain "Potato Mammy" (13 stores), "Gyomu Super" (54 stores), the reuse shop "Hard Off" (7 stores), and "Daiso" (14 stores). The company also engages in e-commerce (internet mall) operations through consolidated subsidiaries such as Usual Co., Ltd., as well as a real estate leasing business using group-owned properties. Consolidated net sales for FY2026 (ending March 2026) reached ¥93,044 million. Its main customers are local general consumers, and it caters broadly to daily living needs centered on food products.

Business Model

In its core retail business, the company drives customer traffic through an EDLP (Every Day Low Price) policy that leverages scale advantages from multi-format operations spanning food and non-food categories, thereby securing gross profit. It generates synergies through joint procurement and joint sales with its EC subsidiary, aiming to reduce purchasing costs and strengthen product assortment. The real estate leasing business complements stable earnings through leasing of Group-owned properties, maintaining a high operating margin of approximately 38.8%.

Company Strengths

In FY2026 (ending March 2026), sales in the food segment increased 5.9% year on year, with all formats—Espot, Potato, Mammy, and Gyomu Super—exceeding the previous fiscal year's results. The number of customer visits rose 1.7% year on year and average spend per customer rose 2.7% year on year, indicating improvement in both customer traffic and purchase value, which numerically substantiates the company's community-based competitiveness in food retail.

In FY2026 (ending March 2026), the markdown and disposal loss rate improved 1.2% year on year, and the food waste rate improved 16.0% year on year. Labor productivity (gross profit divided by labor hours) also improved 3.1% year on year, providing quantitative confirmation of the results of operational improvement activities. These improvements are directly linked to securing funds for wage increases, contributing to the strengthening of a sustainable earnings base.

Gyomu Super opened 2 new stores in FY2026 (ending March 2026), building a network of 54 stores. Daiso opened 3 new stores, expanding to 13 stores in total (14 stores as of June 2026). Through multi-format expansion leveraging multiple franchise and agency agreements, including Hard Off and E-Comode, the company is expanding its market share within trading areas while diversifying the risk of dependence on a single business format.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating revenue reached ¥93,673 million (up 4.7% year on year), securing revenue growth, but operating profit declined to ¥2,133 million (down 5.9% year on year), a profit decrease. The operating profit margin fell to 2.3% (from 2.6% in the previous period). The main causes were increased personnel expenses due to wage hikes, one-time expenses associated with new store openings and renovations, and increased public taxes and dues from land and building purchases. Amid the external environment of continued high prices and rising costs, a fundamental strengthening of SG&A expense control appears essential to achieving the medium-term target of improving the ordinary profit margin.

In the EC business, the operating loss after inclusion of goodwill amortization slightly improved to ¥117 million (from a loss of ¥122 million in the previous period). Operating revenue continued to grow, reaching ¥7,727 million (up 8.8% year on year), but an unamortized goodwill balance of ¥1,371 million remains. While the precision of revenue management improved through the introduction of the moving average method following an overhaul of the inventory management system, the lack of a concrete timeline for turning profitable remains a source of concern for investors.

The annual dividend for FY2026 (ending March 2026) was raised to ¥30 (from ¥25 in the previous period), with a payout ratio of 20.4%. For FY2027 (ending March 2027), the company plans a further increase to ¥38 (payout ratio of 25.3%), which is expected to reach the medium-term target payout ratio of 25% or higher. Meanwhile, ROE declined to 6.8% (from 7.5% in the previous period), and improvement to the medium-term target level will require a recovery in profit margins as a precondition. The equity ratio stands at a high 54.8%, indicating strong financial soundness, and the concretization of measures to improve capital efficiency toward PBR improvement will be a focus going forward.

Growth Strategy

Advancing the mid-term management plan for FY2027 (ending March 2027) centered on achieving ¥100 billion in revenue and a payout ratio of 25% or higher

Pursuing sales maximization through thorough EDLP (Every Day Low Price) implementation, alongside gross margin improvement via reduced discounting and disposal losses, elimination of stock-outs, and strengthening of PB/LB/FC. FY2027 (ending March 2027) forecast operating revenue is ¥96,800 million (up 3.3% year on year), approaching the ¥100 billion target.

Added 3 new Daiso co-located stores within Espot locations in FY2026 (ending March 2026), bringing the cumulative total to 13 stores. Also implemented sales floor renovations at multiple stores to modernize layouts, aiming to strengthen competitiveness in the non-food segment and boost customer traffic.

Working to strengthen the earnings base and improve PBR through improved labor productivity (up 3.1% year on year). ROE for FY2026 (ending March 2026) declined to 6.8% from 7.5% in the prior period, making margin recovery a prerequisite for further improvement.

Annual dividend is set to increase from ¥30 per share (payout ratio 20.4%) in FY2026 (ending March 2026) to ¥38 per share (forecast payout ratio 25.3%) in FY2027 (ending March 2027), expected to achieve the mid-term target of a payout ratio of 25% or higher. The shareholder benefit program will also continue.

Promoting joint development, joint procurement, and joint sales of best-selling products with subsidiary Usual. EC business operating revenue reached ¥7,727 million (up 8.8% year on year), continuing growth. Loss after amortization of goodwill narrowed to ¥117 million, but the timing of turning profitable has not been disclosed.

Newly installed solar panels at 5 additional stores in FY2026 (ending March 2026), bringing the cumulative total to 16 stores. Also progressively introducing air conditioning optimization energy-saving solutions, contributing to the SDGs and reducing energy consumption.

Last updated: July 19, 2026